Silver tanks 7% as slide under $70 per ounce extends

Silver slipped heavily today, giving up from five session high as the selling accelerated after a break under $70 per ounce. The metal currently trades at $67.52 per ounce, down 7% on the day. Mild gains in the US dollar clubbed with slide in copper futures weighed on the white metal. The commodity currently has melted around 27% this month. There has been a rise in Shanghai Silver inventories recently, pulling them up from decade low. MCX Silver futures opened sharply lower too and currently trade at Rs 220744 per kg, down 6% on the day. The counter had gained around 5% in last session.

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